July 13, 2024

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Big Data and Business Analytics Market Size & Share Report

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Big Data and Business Analytics Market Size

Big Data and Business Analytics Market was valued at USD 245.9 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 15% from 2024 to 2032. Increasing regulatory requirements globally compel organizations to implement robust data analytics frameworks to ensure compliance, mitigate risks, and enhance decision-making processes. These compliances with data privacy laws will leverage big data analytics to enhance operational efficiencies and customer trust.

 

Big Data and Business Analytics Market

For instance, in October 2023, Presight and TOTM Technologies Limited announced a strategic partnership to enhance global implementation of biometric-based population identity and E-KYC (Know Your Customer) technologies. This initiative responds to regulatory requirements, promoting digital transformation and fostering public-private partnerships for secure and efficient data analytics on a global scale.

 

In addition, advances in data processing tools, such as AI and machine learning algorithms, have revolutionized organizations’ approach to handling and analyzing vast amounts of data. These tools enable faster processing speeds, more accurate predictions, and deeper insights extraction, thus enhancing decision-making capabilities across various industries. For instance, in February 2024, Google launched TensorFlow GNN 1.0 (TF-GNN), an advanced tool for creating models that analyze intricate data relationships, from social networks to logistics. TF-GNN simplifies the development of models capable of understanding complex data structures, demonstrating significant advancements in data processing capabilities for diverse applications.

 

The market holds significant promise for the future. However, the effective utilization of analytics tools is hampered by a shortage of skilled professionals who can interpret and leverage data insights optimally. This scarcity impedes the seamless integration of analytics into business strategies and highlights the critical need for trained experts to harness these tools effectively. Additionally, ensuring the privacy and security of vast amounts of sensitive data presents a significant challenge in this context. As organizations strive to capitalize on data-driven decision-making, they must concurrently navigate stringent privacy regulations and implement robust security measures to safeguard sensitive information from breaches and unauthorized access, thereby fostering trust and compliance within their operational frameworks.

 

Big Data and Business Analytics Market Trends

The big data and business analytics industry is witnessing several key trends shaping its trajectory. One prominent trend is the increasing adoption of real-time analytics. It has become increasingly crucial for businesses seeking to gain a competitive advantage in today’s dynamic market environment. These capabilities allow organizations to analyze data as it is generated or received, enabling immediate insights and quicker responses to emerging trends, customer behaviors, and operational issues. Technologies such as in-memory computing and stream processing play pivotal roles in facilitating real-time analytics by processing and analyzing data rapidly and efficiently.

 

For instance, in June 2024, the Reserve Bank of India announced its adoption of Artificial Intelligence (AI) and Machine Learning (ML) analytics across various domains to establish state-of-the-art systems for real-time and high-frequency data monitoring and analysis. The initiative aims to pioneer advancements in data-driven decision-making and public policy formulation, emphasizing the importance of addressing ethical considerations and eliminating biases in algorithms.

 

Big Data and Business Analytics Market Analysis

Big Data and Business Analytics Market, By Component, 2022-2032 (USD Billion)

Based on component, the market is divided into hardware, software and services. In 2023, the software segment accounts for a market share of around 34% in 2023 and is expected to achieve a significant growth rate. Software solutions enable organizations to manage, analyze, and visualize large volumes of data efficiently, providing actionable insights that drive business decisions and innovation.

 

As organizations increasingly focus on digital transformation and data-driven strategies, the demand for software that supports data integration, data governance, and data security has surged. These software solutions facilitate scalability, thus enabling organizations to expand their analytics capabilities as data volumes grow and business needs evolve. Furthermore, advancements in cloud computing and AI technologies have increased the software segment market share, offering flexible deployment options and enhanced functionalities such as natural language processing and automated data visualization.

 

Big Data and Business Analytics Market Share, By Organization Size, 2023

Based on organization size, the big data and business analytics market is divided into large enterprises and SMEs. In 2023, the large enterprises segment accounted for a market share of around 67%. Large enterprises typically have substantial resources to invest in advanced analytics technologies and solutions. They leverage big data analytics to gain competitive advantages, enhance operational efficiencies, and improve decision-making processes across various departments such as marketing, finance, and supply chain management. Moreover, they often deal with vast amounts of data generated from multiple sources, including customer interactions, transaction records, and IoT devices.

 

Furthermore, large enterprises have the capabilities to deploy comprehensive data analytics platforms that integrate with existing IT infrastructures, ensuring scalability and seamless data management. This strategic approach optimizes operations and supports innovation and growth objectives within the organization.

 

North America Big Data and Business Analytics Market, 2022-2032 (USD Billion)

North America leads with a substantial market share of 41% in 2023. The region’s leadership in the big data and business analytics market is primarily driven by its advanced technological infrastructure, including robust IT capabilities and widespread adoption of cloud computing. Major tech giants headquartered in the region continuously innovate and invest in research and development, pushing the boundaries of data analytics capabilities. Additionally, the region benefits from a skilled workforce from top academic institutions, fostering a dynamic ecosystem that fuels continuous growth and innovation in the field of big data analytics.

 

Europe’s market is supported by stringent data privacy regulations such as GDPR, which enhance consumer trust and regulatory compliance. The region boasts a diverse industrial base, including automotive, manufacturing, and healthcare sectors, driving significant demand for advanced analytics solutions. European companies leverage these technologies to improve operational efficiency, customer experience, and decision-making processes. Moreover, a robust academic network and strong governmental support for research and innovation contribute to Europe’s strong position.

 

Asia-Pacific is emerging as a powerhouse in the big data and business analytics industry, due to rapid digital transformation across industries, particularly in countries such as China, India, and Japan. The region benefits from a vast consumer base generating substantial data volumes, which companies harness for market insights and operational improvements.

 

Big Data and Business Analytics Market Share

IBM Corporation, SAS and Oracle Corporation are leading companies in the market, collectively commanding a significant revenue share of overall industry. Leaders in the big data market commonly employ strategies focused on innovation, scalability, and integration across their respective platforms. These companies emphasize the development of robust data analytics solutions that cater to diverse industry needs, from cloud-based data storage and processing to advanced analytics and AI-driven insights. They invest heavily in research and development to enhance their data management capabilities, ensuring reliability, security, and compliance with regulatory standards. Moreover, partnerships and acquisitions play a crucial role in expanding their market presence and integrating new technologies to meet evolving customer demands for efficient data-driven solutions.

 

Big Data and Business Analytics Market Companies

Major players operating in the market are:

  • AWS
  • Google
  • Hewlett packard enterprise company
  • IBM
  • Microsoft Corporation
  • Oracle
  • SAP
  • SAS
  • Teradata
  • TIBCO Software Inc.

     

Big Data and Business Analytics Industry News

  • In October 2023, Fujitsu Limited and TOPPAN Holdings Inc. formed a business alliance to leverage anonymized electronic medical record data under Japan’s Next Generation Medical Infrastructure Act. This collaboration aims to advance drug development and medical support services by combining TOPPAN’s analytical technology with Fujitsu’s data cleansing expertise. Their joint efforts intend to enhance medical data analysis precision, facilitate personalized medicine, and contribute to sustainable healthcare solutions.

     
  • In October 2023, MapmyIndia founders launched ClarityX, a new AI-driven data analytics and consulting firm, aimed at providing advanced services across various industries. ClarityX, in collaboration with MapmyIndia, is set to deliver customized data analytics insights to enterprise clients. Their offerings will cater to various sectors, including banking, financial services and insurance (BFSI), retail, fast-moving consumer goods (FMCG), and energy. This partnership aims to leverage advanced data analytics to provide actionable intelligence and enhance decision-making for businesses in these industries.

     
  • In July 2024, the Special Investigating Unit (SIU) entered strategic partnerships with the Gordon Institute of Business Science (GIBS) Anti-Corruption Coalition and the Transparency, Integrity, and Accountability Programme (TIP) of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. These alliances will enable advanced statistical research, sector-specific data analysis, and the integration of predictive analytics into its risk management framework.

     

The big data and business analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Component              

  • Hardware
  • Software       

    • Data Storage & Management
    • Data Integration & ETL
    • Data Processing & Analytics
    • Others                     

  • Services                  

    • Professional services
    • Managed services               

Market, By Deployment Model

Market, By Organization Size

Market, By Application

  • Customer analytics
  • Pricing Analytics
  • Spatial Analytics
  • Supply Chain Analytics
  • Workforce Analytics
  • Risk and Credit Analytics
  • Transportation Analytics
  • Others

Market, By End-user

  • BFSI
  • Healthcare
  • Retail
  • IT & Telecom
  • Government & Public Sector
  • Manufacturing
  • Media & Entertainment
  • Energy & Utilities
  • Transportation & Logistics
  • Education
  • Others

The above information is provided for the following regions and countries:

  • North America
  • Europe

    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe

  • Asia Pacific

    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 

  • South America

    • Brazil
    • Argentina
    • Rest of South America

  • MEA

    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA

 

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